Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ‘US drillers cut oil and gas rigs for fifth week in a row’

    ‘US drillers cut oil and gas rigs for fifth week in a row’

    August 12, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *U.S. rig count.

    Bengaluru — U.S. energy firms this week cut the number of oil and natural gas rigs operating for a fifth week in a row, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday.

    The oil and gas rig count, an early indicator of future output, fell by five to 654 in the week to Aug. 11, the lowest since March 2022. , ,

    That was also the 14th time in the last 15 weeks that drillers cut rigs.

    Baker Hughes said that puts the total rig count down 109 rigs, or 14%, below this time last year.

    After falling for eight weeks in a row, the number of oil rigs held steady at 525 this week, while gas rigs fell five to 123, their lowest since February 2022.

    U.S. oil futures have recently recovered, rising for for seven straight weeks, and were up about 3.1% so far this year after gaining about 7% in 2022. U.S. gas futures , meanwhile, have plunged about 40% so far this year after rising about 20% last year.

    U.S. crude production was on track to rise from 11.9 million barrels per day (bpd) in 2022 to 12.8 million bpd in 2023 and 13.1 million bpd in 2024, according to projections from the U.S. Energy Information Administration (EIA) in August.

    Despite the drop in gas prices, U.S. gas production was on track to rise from a record 98.13 billion cubic feet per day (bcfd) in 2022 to 103 bcfd in 2023 and 104.1 bcfd in 2024, according to EIA’s projection.

    *Brijesh Patel & Scott DiSavino; Editing: Marguerita Choy – Reuters

    Related News

    Heirs Energies, Renaissance Africa Energy collaborate to drive Nigeria’s oil & gas development

    NNPC raises alarm over sabotage campaign targeting leadership, reforms

    Renaissance Africa Energy unites 500 CEOs to advance Nigeria’s oil & gas growth

    E-book
    Resilience Exhibition

    Latest News

    Genesis Energy, Desert Technologies sign strategic collaboration agreement to accelerate renewable energy access in Afric

    June 28, 2025

    Akwa Ibom, REA partner to expand rural electrification access 

    June 28, 2025

    Heirs Energies, Renaissance Africa Energy collaborate to drive Nigeria’s oil & gas development

    June 28, 2025

    NLNG boosts healthcare access, launches laboratory in Bauchi hospital 

    June 28, 2025

    NNPC raises alarm over sabotage campaign targeting leadership, reforms

    June 27, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.